All of the following statements about partnerships are true except
A) partners must share profits and losses equally.
B) a change in ownership will dissolve the partnership.
C) any partner can enter into a binding agreement with a third party.
D) all partners have unlimited liability.
A
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Morality concerns conforming to rules of correct conduct as defined by a society or a religion
a. True b. False Indicate whether the statement is true or false
White Company allows customers to make purchases on credit. The terms of all credit sales are 2/10, n/30, and all sales are recorded at the gross price. Other customers can use a bank credit card where the bank deducts a 4% service charge for credit card sales and credits the bank account of White immediately when credit card receipts are deposited. White uses the perpetual inventory method. Prepare journal entries to record the following selected transactions and events.
Trying to understand another person's perspective of a situation usually leads to poor comparisons of alternatives for ethical decision making.
Answer the following statement true (T) or false (F)
If owner's equity and liabilities increased during the period, then assets must also have increased.
Answer the following statement true (T) or false (F)